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Unitil cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$33.4M in Q3 2026 · −$39.9M over twelve months

Operating cash flow$35.0M
Capital spending−$68.4M
Free cash flow−$33.4M

Analysis

In Q3 2026, Unitil generated $35.0M of operating cash flow and spent $68.4M on capital projects, leaving free cash flow of −$33.4M. That is $5.6M more than in Q3 2025 (−$39.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was $162M; the largest uses were capital spending ($202M), acquisitions ($132M), dividends ($33.8M); besides operations, cash came from net borrowing (+) / repaid (−) ($188M), shares issued ($17.7M); the cash balance fell by $1.7M.

Operating cash flow was $35.0M against net income of −$1.5M. The largest differences: receivables +$3.9M, payables +$3.7M, contract assets +$3.0M.

Free cash flow

Unitil: free cash flow by quarterUnitil: free cash flow by quarter−$32.3MQ4 2024$19.5MQ1 2025$2.0MQ2 2025−$39.0MQ3 2025−$36.3MQ4 2025$17.7MQ1 2026$12.1MQ2 2026−$33.4MQ3 2026
Operating cash flow less capital spending.
Unitil: operating cash flow against capital spendingUnitil: operating cash flow against capital spendingOperating cash flowCapital spending$23.3M$55.6MQ4 2024$52.1M$32.6MQ1 2025$42.2M$40.2MQ2 2025$15.6M$54.6MQ3 2025$21.4M$57.7MQ4 2025$50.1M$32.4MQ1 2026$55.7M$43.6MQ2 2026$35.0M$68.4MQ3 2026
Latest (Q3 2026): Operating cash flow $35.0M, Capital spending $68.4M.

Capital allocation, year by year

Unitil: where the cash came from (up) and went (down), by fiscal yearUnitil: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsDividendsFY2021: Operating cash flow $108MFY2021: Net borrowing −$16.4MFY2021: Shares issued $45.5MFY2021: Capital spending −$115MFY2021: Dividends −$23.6M$153MFY2021FY2022: Operating cash flow $97.7MFY2022: Net borrowing $51.9MFY2022: Shares issued $1.0MFY2022: Capital spending −$122MFY2022: Dividends −$25.1M$151MFY2022FY2023: Operating cash flow $107MFY2023: Net borrowing $64.1MFY2023: Shares issued $1.1MFY2023: Capital spending −$141MFY2023: Dividends −$26.2M$172MFY2023FY2024: Operating cash flow $126MFY2024: Net borrowing $73.9MFY2024: Shares issued $1.1MFY2024: Capital spending −$170MFY2024: Dividends −$27.5M$201MFY2024FY2025: Operating cash flow $131MFY2025: Net borrowing $177MFY2025: Shares issued $73.5MFY2025: Capital spending −$185MFY2025: Acquisitions −$160MFY2025: Dividends −$30.1M$382MFY2025
Over these 5 years operating cash flow totalled $570M; the largest uses were capital spending ($733M) and acquisitions ($160M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$12.9M
Debt$989M
Net debt$976M
Due within a year$253M

Unitil's operations bring cash in ($162M over twelve months), and it spends more than that on capital projects: a gap of $39.9M funded from its $12.9M of cash and investments and from borrowing ($989M of debt, $253M due within a year). That is a choice to invest, not a cash runway running down.

Where the cash came from and went

Unitil: sources (+) and uses (−) of cash, Q3 2026Unitil: sources (+) and uses (−) of cash, Q3 2026Capital spending−$68.4MOperating cash flow$35.0MNet borrowing (+) / repaid (−)$33.6MDividends−$8.6MShares issued$6.3MOther financing$5.8MCash drawn (+) / kept (−)−$3.7M
Unitil: sources (+) and uses (−) of cash, TTM to Q3 2026Unitil: sources (+) and uses (−) of cash, TTM to Q3 2026Capital spending−$202MNet borrowing (+) / repaid (−)$188MOperating cash flow$162MAcquisitions−$132MDividends−$33.8MShares issued$17.7MOther financing−$2.2MCash drawn (+) / kept (−)$1.7M

From profit to cash

Unitil: net income to operating cash flow, Q3 2026Unitil: net income to operating cash flow, Q3 2026Net income−$1.5MDeferred taxes−$700KReceivables$3.9MPayables$3.7MContract assets$3.0MOperating cash flow$35.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$35.0M−$68.4M—−$8.6M$33.6M$6.3M−$3.7M−$33.4M
Q2 2026$55.7M−$43.6M−$42.6M−$8.6M−$24.7M$11.0M$7.7M$12.1M
Q1 2026$50.1M−$32.4M—−$8.5M$1.0M$300K−$1.3M$17.7M
Q4 2025$21.4M−$57.7M−$89.0M−$8.1M$138M$100K−$1.0M−$36.3M
Q3 2025$15.6M−$54.6M—−$7.4M−$24.0M$71.4M−$6.1M−$39.0M
Q2 2025$42.2M−$40.2M−$200K−$7.3M−$3.0M$1.7M$1.7M$2.0M
Q1 2025$52.1M−$32.6M−$71.2M−$7.3M$65.8M$300K−$3.9M$19.5M
Q4 2024$23.3M−$55.6M—−$6.9M$41.5M$400K—−$32.3M

Unitil: income statement and cash flow

Unitil, Q3 2026: revenue $113M (+11% year over year), operating margin 6.0%. The chart follows the revenue to costs, profit and cash.

Unitil: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.